September 13, 2023

🥛 More trouble for Binance.US 👀

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GM. This is Milk Road – the daily newsletter that serves crypto insights so fresh, they make mint leaves look like yesterday's news.

Here’s what we got today:

  • More trouble for Binance.US 🚨

  • Crypto has a new wallet 👀

  • We’ve got a question for you… 🤔

  • Another day, another Bitcoin ETF 🍪


2023 has been rough for Binance.US. This year alone, the U.S.-based crypto exchange:

  • Got sued by the SEC.

  • Had a restraining order filed to freeze its assets.

  • Lost its banking partners and moved to a “crypto-only exchange”.

  • Lost its stablecoin partner (Paxos) and has been forced to slowly wind down its stablecoin – BUSD.

For all my visual people, here’s a live look from inside the Binance boat:

And just when you thought it couldn’t get worse, it did.

1/ Brian Scroder (the CEO) resigned from the company.

2/ Binance.US laid off 100 employees.

That’s right. The captain abandoned ship and ⅓ of the Binance workforce got thrown overboard.

So, what’s next for Binance.US?

  • Norman Reed (the Chief Legal Officer) will step in as interim CEO.

  • The crypto exchange says its recent actions provide it “with more than seven years of financial runway” to continue operations.

(Side note: Holy sh*t…. 7 years of financial runway?? Were they giving out NBA Supermax contracts??)

We’ll be keeping a close eye on any more news coming from the Binance.US HQ.


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Telegram just made a BIG move in crypto…

The popular messaging app is launching a new crypto wallet called TON Space.

Here’s everything you need to know:

  • It’s a self-custodial crypto wallet. (aka you have control of your keys)

  • It’s being launched by a joint partnership between Telegram and TON Foundation, the group that helped develop the TON blockchain.

  • Starting in November, the crypto wallet will be available for most Telegram users.

  • The wallet won’t be available in the U.S.

$TON (the native token for the TON blockchain) is up 15% after the news dropped at the Token2049 conference yesterday.

Why this matters: Telegram is huge.

The app currently has ~800M monthly active users and has quietly been making a big push into the crypto world.

Telegram knows real G’s move in silence like lasagna.

It recently opened up decentralized payments within the app and, now developers can create crypto apps on the TON blockchain that can easily integrate with the new wallet too.

Big win for future mass adoption!


It’s official.

It’s been one of the longest bear markets ever.

Source: Glassnode

Now the question on everyone’s mind is…

When will it end? Crypto investors are like toddlers on a road trip asking “Are we there yet” every 5 minutes.

Which is why we’re dropping a 2-part special this week.

  • The bull case for why the bear market could be over soon

  • The bear case for why it could continue

Today we’re gonna let you decide which one we drop first.

Click on the option you want to see below!

We’ll drop the winner tomorrow and follow up with the losing option in Friday’s edition.


Franklin Templeton filed for a spot Bitcoin ETF. The fund manager with $1.4T in AUM is the latest firm to join the Bitcoin ETF race. Anotha one.

Sony Network Communications announced it's developing a new blockchain. It will be created in partnership with Startale Labs (the creators of the Astar blockchain).

MetaMask is launching a new feature called MetaMask Snaps that introduces support for new blockchains. MetaMask Snaps are customizable extensions that let developers extend functionality to blockchains other than Ethereum. (including Bitcoin, Solana, etc.)

CoinEx got hacked for $50M+. The crypto exchange has paused all deposits and withdrawals while it investigates what happened. It’s a crypto “who dunnit?”. (the parent company for 21Shares) has launched 8 new wrapped tokens. These wrapped tokens represent cryptocurrencies across different blockchains and will include BTC, BNB, XRP, and more.



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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.